Prins: Break Wall Street, Enact Glass-Steagall

April 24, 2014 • 10:09AM

The Seattle Times published an opinion column yesterday by former Wall Street banker and anti-Wall Street author Nomi Prins, entitled "Break the Alliances Between Wall Street and the White House." Having just published a book on the history of those alliances, Prins has been widely reviewed and published beginning roughly with an interview with EIR in February. Her opinion piece is a strong argument for Glass-Steagall.

It concludes: "Today, the alliances between President Obama and the nation's most powerful banker, JPMorgan Chase head Jamie Dimon, might not be as closely personal as alliances were in the days when Teddy Roosevelt entrusted John Pierpont Morgan to save the American economy in the wake of the Bank Panic of 1907. But they are just as functional....

"Our nation stands at a crossroads. We, the American people, are at grave risk of another economic crisis because nothing substantive has been done to prevent it.

"Our leaders in D.C. must resurrect a Glass-Steagall division of big U.S. banks so that our deposits are not used as fodder for reckless practices. The Department of Justice should take punitive actions against those who pillage the nation's bank accounts for personal and institutional gain while relying on government backing to keep them from failing....

"We need White House leadership to place the country's economic well-being before that of bankers."

For the rest of her piece, read the full article.